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Seafresh Industry swings to loss in Q1

Seafresh Industry PCL said its first-quarter normalized net income was a loss of 3 satang per share, compared with 4 satang per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 14.6 million baht, compared with income of 20.1 million baht in the prior-year period.

The normalized profit margin declined to negative 0.9% from 1.1% in the year-earlier period.

Total revenue declined 9.3% year over year to 1.62 billion baht from 1.79 billion baht, and total operating expenses declined 9.8% on an annual basis to 1.52 billion baht from 1.69 billion baht.

Reported net income totaled a loss of 28.3 million baht, or a loss of 6 satang per share, compared to income of 42.8 million baht, or 9 satang per share, in the prior-year period.

As of May 16, US$1 was equivalent to 35.39 baht.